Earnings at Dutch giant up a third to €20.6m despite BSF woes
The UK arms of Dutch construction giant Royal Bam reported increased profits of €20.6m (£16.92m) on falling revenues in the first half of this year.
Profits rose by a third on the same period last year, having reached just €15.5m (£12.74m) in 2009. However revenues at the same time dropped 9.5% to €885m (£727.52m).
The firm said it also increased the value of its future order book in the UK, contributing to €12.4bn (£10.19) forward orders across the group, despite the cut backs to the Building Schools for Future programme.
The firm also said its UK construction profits were hit by the high cost of tendering in the country, with revenue falling 16%, as well as the cancellation of BSF.
It said it did not rule out future job cuts in “a number of regions” in the next six months.
However, its infrastructure arm, BAM Nuttall, performed well, despite facing increasing competition.